As recent reports have indicated, real estate has been a hot commodity in Toronto, as some people are buying alternative living spaces because they're downsizing or need extra room. However, as U.S.-based financial services company Bankrate indicates, homeowners can maximize their living space without spending a dollar.

For instance, the source says many people like to label their rooms so that only certain activities go on there, such as a living room, dining room or game room. But interior designers tell Bankrate that rooms can and should be multi-purpose. For example, because office electronics are getting smaller and more portable, it may be a good idea to make dining rooms, which are often underused, a den or office space as well.

Another option is putting a greater focus on organization and storage, the source advises.

"The most wasted space in any home is usually the vertical space," Janel Laban, executive editor of home decoration and remodeling for a home improvement website, told Bankrate.

Jiffy Self Storage professionals may be able to offers some suggestions for those looking to expand their present living space.